2024 IRS TAX REFUND UPDATE - IMPORTANT UPDATE, NEW Refunds Approved, Returns, Delays, Audits

On today’s IRS tax refund update we will recap the latest developments including the next round of tax refunds scheduled for release this week as well as the latest processing numbers just released from the IRS, meanwhile we will recap the leading cause of those refund freezes as well as two specific tax credits being claimed that are leading to refund delays and even audits and why those impacted may need to amend their tax returns as a result. Now starting out with the latest as the next round of tax refunds are scheduled for release on May 21st, 22nd, and 24th as confirmed by the tax transcript and refund status results seen here, now it is important to note based on previous reports not all tax filers will see updates to their refund status results even after the refund is released so it is important to check your tax transcripts for the most up to date information, if your refund is among the latest direct deposit refund batches do note that while most will receive that deposit in their bank accounts the day of do allow 5 additional days for it to post to your bank account before initiating a payment trace with the IRS, and if you’re expecting to receive a paper refund check in the mail while most will receive it within 7 to 10 days of that listed date you must wait 30 days for it to arrive before initiating a payment trace with the IRS, meanwhile the IRS has released its latest tax return processing numbers and the current backlog of unprocessed tax returns remains at over 2.7 million which include many of our viewers, and since out last update 167,000 tax returns have been processed, however the IRS has yet to confirm if that overall numbers do include amended returns, but based on previous years reporting those had been reported separately, also for those viewers asking about interest on their late refunds from their 2023 tax returns do note interest starts accruing 45 days after the tax filing deadline and will start to apply to refunds released starting the first week of June.


0:00 Introduction
0:24 New Refunds
1:55 Delays
3:39 Refund Freeze
4:05 Problem Tax Credits
6:00 Closing


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Disclaimer: This is for informational purposes only and is subject to change. Material provided should not be considered tax, accounting, or legal advice. Please consult a certified tax consultant for tax advice.



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